12-U.S.C.-209
§209 – Liability Protection
Pathway
Title 12 > Chapter 2 > Subchapter XIV > Section 209
Details
- Reference: Section 209
- Legend: §209 – Liability Protection
- USCode Year: 2013
Provision Content
(a) Federal agency and employees
In any case in which the conservator is a Federal agency or an employee of the Government, the provisions of chapters 161 and 171 of title 28 shall apply with respect to such conservators liability for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship.
(b) Other conservators
In any case where the conservator is not a conservator described in subsection (a) of this section, the conservator shall not be liable for damages in tort or otherwise for acts or omissions performed pursuant to and in the course of the duties and responsibilities of the conservatorship, unless such acts or omissions constitute gross negligence, including any similar conduct or any form of intentional tortious conduct, as determined by a court.
(c) Indemnification
The Comptroller shall have authority to indemnify the conservator on such terms as the Comptroller deems proper.
(Mar. 9, 1933, ch. 1, title II, §209, 48 Stat. 5; Sept. 3, 1954, ch. 1263, §23, 68 Stat. 1234; Pub. L. 101–73, title VIII, §806, Aug. 9, 1989, 103 Stat. 445.)
Amendments
1989—Pub. L. 101–73 amended section generally. Prior to amendment, section read as follows: Conservators appointed pursuant to the provisions of this subchapter shall be subject to the provisions of and to the penalties prescribed by sections 334, 656, and 1005 of title 18; and sections 202, 216, 281, 431, 432, and 433 of title 18, in so far as applicable, are extended to apply to contracts, agreements, proceedings, dealings, claims and controversies by or with any such conservator or the Comptroller of the Currency under the provisions of this subchapter.
1954—Act Sept. 3, 1954, corrected references to title 18.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-183 in the Legal Encyclopedia: Banking Law
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12-U.S.C.-198 in the Legal Encyclopedia: Credit Institutions
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12-U.S.C.-196 in the Legal Encyclopedia: Banks
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